Financial Analysis

NOTE 16 COMMITMENTS AND CONTINGENCIES As of May 31, 2026 and 2025, the Company had outstanding bank guarantees and letters of credit of approximately $1.3 billion and $0.9 billion, respectively, issued primarily for real estate agreements, self-insurance programs, other general business obligations and legal matters. In connection with various contracts and agreements, the Company provides routine indemnification relating to the enforceability of intellectual property rights, coverage for legal issues that arise and other items where the Company is acting as the guarantor. Currently, the Company has several such agreements in place. However, based on the Company's historical experience and the estimated probability of future loss, the Company has determined the fair value of such indemnification is not material to the Company's financial position or results of operations. In the ordinary course of business, the Company is subject to various legal proceedings, claims and government investigations relating to its business, products and actions of its employees and representatives, including contractual and employment relationships, product liability, antitrust, customs, tax, intellectual property and other matters. The outcome of these legal matters is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences relating to those matters. W …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel: YEAR ENDED MAY 31, 2026 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 13,317 $ 7,643 $ 4,188 $ 4,377 $ $ 29,525 $ 1,013 $ $ 30,538 Apparel 6,075 4,210 1,535 1,629 13,449 48 13,497 Equipment 1,119 719 124 237 2,199 21 2,220 Other 49 49 92 2 143 TOTAL REVENUES $ 20,511 $ 12,572 $ 5,847 $ 6,243 $ 49 $ 45,222 $ 1,174 $ 2 $ 46,398 Revenues by: Sales to Wholesale Customers $ 11,958 $ 8,461 $ 3,255 $ 3,779 $ $ 27,453 $ 605 $ $ 28,058 Sales through Direct to Consumer 8,553 4,111 2,592 2,464 17,720 477 18,197 Other 49 49 92 2 143 TOTAL REVENUES $ 20,511 $ 12,572 $ 5,847 $ 6,243 $ 49 $ 45,222 $ 1,174 $ 2 $ 46,398 YEAR ENDED MAY 31, 2025 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 12,684 $ 7,569 $ 4,805 $ 4,452 $ $ 29,510 $ 1,457 $ $ 30,967 Apparel 5,837 3,971 1,616 1,541 12,965 80 13,045 Equipment 1,051 717 165 258 2,191 32 2,223 Other 48 48 123 (97) 74 TOTAL REVENUES $ 19,572 $ 12,257 $ 6,586 $ 6,251 $ 48 $ 44,714 $ 1,692 $ (97) $ 46,309 Revenues by: Sales to Wholesale Customers $ 10,484 $ 8,022 $ 3,699 $ 3, …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"NOTE 9 COMMON STOCK AND STOCK-BASED COMPENSATION COMMON STOCK The authorized number of shares of Class A Common Stock, no par value, and Class B Common Stock, no par value, are 400 million and 2,400 million, respectively. Each share of Class A Common Stock is convertible into one share of Class B Common Stock. Voting rights of Class B Common Stock are limited in certain circumstances with respect to the election of directors. There are no differences in the dividend and liquidation preferences or participation rights of the holders of Class A and Class B Common Stock. From time to time, the Company's Board of Directors authorizes share repurchase programs for the repurchase of Class B Common Stock. The value of repurchased shares is deducted from Total shareholders' equity through allocation to Capital in excess of stated value and Retained earnings (deficit). STOCK-BASED COMPENSATION The NIKE, Inc. Stock Incentive Plan (the ""Stock Incentive Plan"") provides for the issuance of up to 843 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights, and stock awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units (""RSUs"") as well as performance-based restricted stock units (""PSUs""). A committee o …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

NOTE 4 FAIR VALUE MEASUREMENTS The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of May 31, 2026 and 2025, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement. MAY 31, 2026 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 1,719 $ 1,719 $ Level 1: U.S. Treasury securities 769 2 767 Level 2: Commercial paper and bonds 690 13 677 Money market funds 5,601 5,601 Time deposits 228 228 U.S. Agency securities 20 20 Total Level 2 6,539 5,842 697 TOTAL $ 9,027 $ 7,563 $ 1,464 MAY 31, 2025 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 1,221 $ 1,221 $ Level 1: U.S. Treasury securities 1,046 1,046 Level 2: Commercial paper and bonds 675 45 630 Money market funds 5,902 5,902 Time deposits 297 295 2 U.S. Agency securities 10 1 9 Total Level 2 6,884 6,243 641 TOTAL $ 9,151 $ 7,464 $ 1,687 As of May 31, 2026, the Company held $590 million of available-for-sale debt securities with maturity dates within one year and $874 million with maturity dates over one year and less than five years in Short-term investments on the Consolidated Balance Sheets. The fair value of the Company's available-for-sale debt securities approximates their amortized cost. Included in Interest (income) expense, net was interest income related to the Company's investment portfolio of $278 million, …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"NOTE 7 INCOME TAXES Income before income taxes is as follows: YEAR ENDED MAY 31, (Dollars in millions) 2026 2025 2024 Income before income taxes: United States $ 2,680 $ 3,220 $ 5,588 Foreign 1,220 665 1,112 TOTAL INCOME BEFORE INCOME TAXES $ 3,900 $ 3,885 $ 6,700 The provision for income taxes is as follows: YEAR ENDED MAY 31, (Dollars in millions) 2026 2025 2024 Current: United States Federal $ 443 $ 358 $ 782 State 100 121 201 Foreign 345 475 514 Total Current 888 954 1,497 Deferred: United States Federal (262) (135) (422) State 10 (12) (61) Foreign 156 (141) (14) Total Deferred (96) (288) (497) TOTAL INCOME TAX EXPENSE $ 792 $ 666 $ 1,000 The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, on a prospective basis beginning with fiscal 2026. The following table presents a reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate pursuant to ASU 2023-09: (Dollars in millions) YEAR ENDED MAY 31, 2026 U.S. federal statutory tax rate $ 819 21.0 % State and local income taxes, net of federal income tax effects (1) 94 2.4 % Foreign tax effects China Withholding taxes 83 2.1 % Other 13 0.3 % Mexico 59 1.5 % Other foreign jurisdictions 107 2.7 % Effect of cross-border tax laws Foreign-derived intangible income benefit (113) -2.9 % Current Subpart F income 179 4.6 % Deferred Subpart F income, including foreign tax credits (120) -3.1 % Foreign tax credits (353) -9.1 % Other 11 0.3 % Tax credits Rese …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 17 LEASES Lease expense is recognized in Cost of sales or Operating overhead expense within the Consolidated Statements of Income, based on the underlying nature of the leased asset. For the fiscal years ended May 31, 2026, 2025 and 2024, lease expense primarily consisted of operating lease costs of $693 million, $663 million and $618 million, respectively, as well as $453 million, $432 million and $433 million, respectively, primarily related to variable lease costs. As of and for the fiscal years ended May 31, 2026, 2025 and 2024, finance leases were not a material component of the Company's lease portfolio. The undiscounted cash flows for future maturities of the Company's operating lease liabilities and the reconciliation to the Operating lease liabilities recognized in the Company's Consolidated Balance Sheets are as follows: (Dollars in millions) AS OF MAY 31, 2026 (1) Fiscal 2027 $ 564 Fiscal 2028 553 Fiscal 2029 512 Fiscal 2030 456 Fiscal 2031 361 Thereafter 1,146 Total undiscounted future cash flows related to lease payments $ 3,592 Less interest 501 PRESENT VALUE OF LEASE LIABILITIES $ 3,091 (1) Excludes $77 million as of May 31, 2026 of future operating lease payments for lease agreements signed but not yet commenced. The following table includes supplemental information used to calculate the present value of Operating lease liabilities: AS OF MAY 31, 2026 2025 Weighted-average remaining lease term (in years) 7.7 6.6 Weighted-average discount rate 3.6 % 3.1 % …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

NOTE 6 LONG-TERM DEBT Long-term debt, net of unamortized premiums, discounts, debt issuance costs, and interest rate swap fair value adjustments comprises the following: BOOK VALUE OUTSTANDING AS OF MAY 31, Scheduled Maturity (Dollars in millions) ORIGINAL PRINCIPAL INTEREST RATE INTEREST PAYMENTS 2026 2025 Corporate Term Debt: (1)(2) November 1, 2026 1,000 2.38 % Semi-Annually 1,000 999 March 27, 2027 1,000 2.75 % Semi-Annually 1,000 999 March 27, 2030 1,500 2.85 % Semi-Annually 1,495 1,495 March 27, 2040 (3) 1,000 3.25 % Semi-Annually 986 993 May 1, 2043 (3) 500 3.63 % Semi-Annually 497 502 November 1, 2045 (3) 1,000 3.88 % Semi-Annually 987 997 November 1, 2046 500 3.38 % Semi-Annually 493 493 March 27, 2050 1,500 3.38 % Semi-Annually 1,484 1,483 Total 7,942 7,961 Less Current portion of long-term debt 2,000 TOTAL LONG-TERM DEBT $ 5,942 $ 7,961 (1) These senior unsecured obligations rank equally with the Company's other unsecured and unsubordinated indebtedness. (2) The bonds are redeemable at the Company's option at a price equal to the greater of (i) 100% of the aggregate principal amount of the notes to be redeemed or (ii) the sum of the present values of the remaining scheduled payments, plus in each case, accrued and unpaid interest. However, the bonds also feature a par call provision, which allows for the bonds to be redeemed at a price equal to 100% of the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest on or after the Par C …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"In December 2023, the Financial Accounting Standards Board (the ""FASB"") issued Accounting Standards Update (""ASU"") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The Company adopted this ASU in fiscal 2026 and the related disclosures are included in Note 7 Income Taxes. The amendments were effective for the Company's annual periods beginning June 1, 2025 and have been applied prospectively. In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning June 1, 2027, and interim periods beginning June 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which includes amendments to more closely align hedge accounting with the economics of an entitys …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 18 SEVERANCE, RESTRUCTURING AND OTHER EMPLOYEE COSTS Employee severance costs are recognized when a future related expense is considered probable and reasonably estimable. The expected charges are estimates that are subject to a number of assumptions, and actual results may vary from the estimates provided. 2026 SEVERANCE In fiscal 2026, the Company recognized $385 million of estimated employee severance costs related to organizational changes, of which $231 million were classified within Operating overhead expense and $154 million were classified within Cost of sales on the Consolidated Statements of Income. The majority of these charges were classified within Global Brand Divisions, North America and EMEA. During fiscal 2026, the Company made cash payments related to employee severance costs of $142 million. As of May 31, 2026, the remaining severance and other employee costs of $243 million are reflected within Accrued liabilities on the Consolidated Balance Sheets, classified within Compensation and benefits, excluding taxes in Note 3 Accrued Liabilities. 2024 RESTRUCTURING During fiscal 2024, management streamlined the organization which resulted in a net reduction in the Company's global workforce. In fiscal 2024, the Company recognized restructuring charges of $443 million, all within Corporate, of which $379 million were classified in Operating overhead expense and $64 million were classified in Cost of sales on the Consolidated Statements of Income. The related …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 14 REVENUES DISAGGREGATION OF REVENUES The following tables present the Company's Revenues disaggregated by reportable operating segment, major product line and distribution channel: YEAR ENDED MAY 31, 2026 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 13,317 $ 7,643 $ 4,188 $ 4,377 $ $ 29,525 $ 1,013 $ $ 30,538 Apparel 6,075 4,210 1,535 1,629 13,449 48 13,497 Equipment 1,119 719 124 237 2,199 21 2,220 Other 49 49 92 2 143 TOTAL REVENUES $ 20,511 $ 12,572 $ 5,847 $ 6,243 $ 49 $ 45,222 $ 1,174 $ 2 $ 46,398 Revenues by: Sales to Wholesale Customers $ 11,958 $ 8,461 $ 3,255 $ 3,779 $ $ 27,453 $ 605 $ $ 28,058 Sales through Direct to Consumer 8,553 4,111 2,592 2,464 17,720 477 18,197 Other 49 49 92 2 143 TOTAL REVENUES $ 20,511 $ 12,572 $ 5,847 $ 6,243 $ 49 $ 45,222 $ 1,174 $ 2 $ 46,398 YEAR ENDED MAY 31, 2025 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 12,684 $ 7,569 $ 4,805 $ 4,452 $ $ 29,510 $ 1,457 $ $ 30,967 Apparel 5,837 3,971 1,616 1,541 12,965 80 13,045 Equipment 1,051 717 165 258 2,191 32 2,223 Other 48 48 123 (97) 74 TOTAL REVENUES $ 19,572 $ 12,257 $ 6,586 $ 6,251 $ 48 $ 44,714 $ 1,692 $ (97) $ 46,309 Revenues by: Sales to Whole …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"NOTE 15 SEGMENT INFORMATION The Company's reportable operating segments reflect the structure of the Company's internal organization and the financial information the Chief Operating Decision Maker (""CODM""), the Company's Chief Executive Officer, regularly reviews to assess Company performance and allocate resources. The CODM evaluates the performance of the Company's segments and allocates resources based on earnings before interest and taxes (""EBIT""), which represents Net income before Interest (income) expense, net and Income tax expense in the Consolidated Statements of Income. The Company's segments are defined as follows: NIKE BRAND The NIKE Brand reportable segments are: North America; Europe, Middle East & Africa (""EMEA""); Greater China; and Asia Pacific & Latin America, and include results for the NIKE and Jordan brands. Each NIKE Brand segment represents a geographic region operating predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. Global Brand Divisions is included within the NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions primarily represents costs, including product creation and design expenses, that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other misce …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DESCRIPTION OF BUSINESS NIKE, Inc. is a worldwide leader in the design, development and worldwide marketing and selling of athletic footwear, apparel, equipment, accessories and services. NIKE, Inc. portfolio brands include the NIKE Brand, Jordan Brand and Converse. The NIKE Brand is focused on performance athletic footwear, apparel, equipment, accessories and services, amplified with sport-inspired lifestyle products carrying the Swoosh trademark, as well as other NIKE Brand trademarks. The Jordan Brand is focused on athletic and casual footwear, apparel and accessories using the Jumpman trademark. Sales and operating results of Jordan Brand products are reported within the respective NIKE Brand geographic operating segments. Converse designs, distributes, licenses and sells casual sneakers, apparel and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell trademarks. In some markets outside the U.S., these trademarks are licensed to third parties who design, distribute, market and sell similar products. Operating results of the Converse brand are reported on a stand-alone basis. BASIS OF CONSOLIDATION The Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the ""Company"" or ""NIKE""). All significant intercompany transactions and balances have been eliminated. MANAGEMENT ESTIMATES The preparation of financial statements in conformity with gene …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

NOTE 12 COMMITMENTS AND CONTINGENCIES As of February 28, 2026 and May 31, 2025, the Company had outstanding bank guarantees and letters of credit of approximately $1.3 billion and $0.9 billion, respectively, issued primarily for real estate agreements, self-insurance programs, other general business obligations and legal matters. In the ordinary course of business, the Company is subject to various legal proceedings, claims and government investigations relating to its business, products and actions of its employees and representatives, including contractual and employment relationships, product liability, antitrust, customs, tax, intellectual property and other matters. The outcome of these legal matters is inherently uncertain, and the Company cannot predict the eventual outcome of currently pending matters, the timing of their ultimate resolution or the eventual losses, fines, penalties or consequences relating to those matters. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. If one or more legal matters were to be resolved against the Company in a reporting period for amounts above management's expectations, the Company's financial position, operating results and cash flows for that reporting period could be materially adversely affected. In the opinion of management, based on its current knowledge and after consultation with counsel, the Company does …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present the Company's Revenues by reportable operating segment, disaggregated by major product line and distribution channel: THREE MONTHS ENDED FEBRUARY 28, 2026 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 3,326 $ 1,789 $ 1,187 $ 1,051 $ $ 7,353 $ 231 $ $ 7,584 Apparel 1,480 926 397 381 3,184 12 3,196 Equipment 220 159 31 58 468 4 472 Other 7 7 17 3 27 TOTAL REVENUES $ 5,026 $ 2,874 $ 1,615 $ 1,490 $ 7 $ 11,012 $ 264 $ 3 $ 11,279 Revenues by: Sales to Wholesale Customers $ 2,768 $ 1,919 $ 888 $ 891 $ $ 6,466 $ 142 $ $ 6,608 Sales through Direct to Consumer 2,258 955 727 599 4,539 105 4,644 Other 7 7 17 3 27 TOTAL REVENUES $ 5,026 $ 2,874 $ 1,615 $ 1,490 $ 7 $ 11,012 $ 264 $ 3 $ 11,279 THREE MONTHS ENDED FEBRUARY 28, 2025 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 3,132 $ 1,742 $ 1,282 $ 1,052 $ $ 7,208 $ 349 $ $ 7,557 Apparel 1,510 913 412 358 3,193 22 3,215 Equipment 222 156 39 60 477 7 484 Other 12 12 27 (26) 13 TOTAL REVENUES $ 4,864 $ 2,811 $ 1,733 $ 1,470 $ 12 $ 10,890 $ 405 $ (26) $ 11,269 Revenues by: Sales to Wholesale Customers $ 2,499 $ 1,817 $ 995 $ 844 $ $ 6,155 $ 208 $ $ 6,363 Sales through Direct to Co …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"NOTE 6 STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION The NIKE, Inc. Stock Incentive Plan (the ""Stock Incentive Plan"") provides for the issuance of up to 843 million previously unissued shares of Class B Common Stock in connection with equity awards granted under the Stock Incentive Plan. The Stock Incentive Plan authorizes the grant of non-statutory stock options, incentive stock options, stock appreciation rights and stock awards, including restricted stock and restricted stock units. Restricted stock units include both time-vesting restricted stock units as well as performance-based restricted stock units (""PSUs""). In addition to the Stock Incentive Plan, the Company gives employees the right to purchase shares at a discount from the market price under employee stock purchase plans (""ESPPs""). The following table summarizes the Company's total stock-based compensation expense recognized within Cost of sales or Operating overhead expense, as applicable: THREE MONTHS ENDED FEBRUARY 28, NINE MONTHS ENDED FEBRUARY 28, (Dollars in millions) 2026 2025 2026 2025 Stock options (1) $ 68 $ 69 $ 215 $ 222 ESPPs 19 17 45 53 Restricted stock and restricted stock units 107 83 295 269 TOTAL STOCK-BASED COMPENSATION EXPENSE $ 194 $ 169 $ 555 $ 544 (1) Expense for stock options includes the expense associated with stock appreciation rights. STOCK OPTIONS As of February 28, 2026, the Company had $405 million of unrecognized compensation costs related to stock options, net of estima …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

NOTE 3 FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives, equity securities and available-for-sale debt securities. The following tables present information about the Company's financial assets measured at fair value on a recurring basis as of February 28, 2026 and May 31, 2025, and indicate the level in the fair value hierarchy in which the Company classifies the fair value measurement: FEBRUARY 28, 2026 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 1,693 $ 1,693 $ Level 1: U.S. Treasury securities 727 727 Level 2: Commercial paper and bonds 680 28 652 Money market funds 4,787 4,787 Time deposits 150 150 U.S. Agency securities 20 2 18 Total Level 2 5,637 4,967 670 TOTAL $ 8,057 $ 6,660 $ 1,397 MAY 31, 2025 (Dollars in millions) ASSETS AT FAIR VALUE CASH AND EQUIVALENTS SHORT-TERM INVESTMENTS Cash $ 1,221 $ 1,221 $ Level 1: U.S. Treasury securities 1,046 1,046 Level 2: Commercial paper and bonds 675 45 630 Money market funds 5,902 5,902 Time deposits 297 295 2 U.S. Agency securities 10 1 9 Total Level 2 6,884 6,243 641 TOTAL $ 9,151 $ 7,464 $ 1,687 As of February 28, 2026, the Company held $485 million of available-for-sale debt securities with maturity dates within one year and $912 million with maturity dates greater than one year and less than five years in Short-term investments on the Unaudited Condensed Consolidated Balance Sheets …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"NOTE 5 INCOME TAXES The effective tax rate was 20.7% and 15.7% for the nine months ended February 28, 2026 and 2025, respectively. The increase in the Companys effective tax rate was primarily due to a one-time, non-cash deferred tax benefit recognized in the third quarter of fiscal year 2025 provided by finalized U.S. tax regulations. On December 10, 2024, the U.S. Department of Treasury published final regulations related to Internal Revenue Code Section 987 foreign currency gains and losses derived from translation of the operations, assets and liabilities of non-U.S. qualified business units. These regulations required a pre-transition foreign currency gain or loss to be included in the determination of future taxable income or loss. During the third quarter of fiscal year 2025, the Company recognized a non-cash deferred income tax benefit of $133 million related to pre-transition foreign currency losses expected to reduce taxable income in future periods. On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Act. Certain provisions were effective for NIKE beginning June 1, 2025. These tax law changes did not have a material impact on the Company's Unaudited Condensed Consolidated Financ …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"In December 2023, the Financial Accounting Standards Board (the ""FASB"") issued Accounting Standards Update (""ASU"") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1, 2025. The Company will adopt the ASU on a prospective basis in the Annual Report on Form 10-K for the fiscal year ending May 31, 2026. In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning June 1, 2027, and interim periods beginning June 1, 2028, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company's disclosures. In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which includes amendments to more closely align hedge accounting with the economics of an entitys risk management …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 13 SEVERANCE AND OTHER EMPLOYEE COSTS For the three and nine months ended February 28, 2026, the Company recognized $230 million and $304 million, respectively, of estimated pre-tax employee severance costs primarily related to organizational changes. Employee severance costs are recognized when a future related expense is considered probable and reasonably estimable. The expected pre-tax charges are estimates and are subject to a number of assumptions and actual results may vary from the estimates provided. For the three and nine months ended February 28, 2026, $193 million and $254 million, respectively, were classified within Operating overhead expense and $37 million and $50 million, respectively, were classified within Cost of sales on the Unaudited Condensed Consolidated Statements of Income . The majority of these charges were classified within Global Brand Divisions and Converse. As of February 28, 2026, the Company made cash payments related to employee severance costs of $82 million. As of February 28, 2026, the remaining severance and other employee costs of $222 million are reflected within Accrued liabilities on the Unaudited Condensed Consolidated Balance Sheets, classified within Compensation and benefits, excluding taxes in Note 2 Accrued Liabilities. …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 10 REVENUES DISAGGREGATION OF REVENUES The following tables present the Company's Revenues by reportable operating segment, disaggregated by major product line and distribution channel: THREE MONTHS ENDED FEBRUARY 28, 2026 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 3,326 $ 1,789 $ 1,187 $ 1,051 $ $ 7,353 $ 231 $ $ 7,584 Apparel 1,480 926 397 381 3,184 12 3,196 Equipment 220 159 31 58 468 4 472 Other 7 7 17 3 27 TOTAL REVENUES $ 5,026 $ 2,874 $ 1,615 $ 1,490 $ 7 $ 11,012 $ 264 $ 3 $ 11,279 Revenues by: Sales to Wholesale Customers $ 2,768 $ 1,919 $ 888 $ 891 $ $ 6,466 $ 142 $ $ 6,608 Sales through Direct to Consumer 2,258 955 727 599 4,539 105 4,644 Other 7 7 17 3 27 TOTAL REVENUES $ 5,026 $ 2,874 $ 1,615 $ 1,490 $ 7 $ 11,012 $ 264 $ 3 $ 11,279 THREE MONTHS ENDED FEBRUARY 28, 2025 (Dollars in millions) NORTH AMERICA EUROPE, MIDDLE EAST & AFRICA GREATER CHINA ASIA PACIFIC & LATIN AMERICA GLOBAL BRAND DIVISIONS TOTAL NIKE BRAND CONVERSE CORPORATE TOTAL NIKE, INC. Revenues by: Footwear $ 3,132 $ 1,742 $ 1,282 $ 1,052 $ $ 7,208 $ 349 $ $ 7,557 Apparel 1,510 913 412 358 3,193 22 3,215 Equipment 222 156 39 60 477 7 484 Other 12 12 27 (26) 13 TOTAL REVENUES $ 4,864 $ 2,811 $ 1,733 $ 1,470 $ 12 $ 10,890 $ 405 $ (26) $ 11,269 Revenues by: Sales to Wholesale Customers $ 2,499 $ 1,817 $ 995 $ 844 $ $ 6,15 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"NOTE 11 SEGMENT INFORMATION The Company's reportable operating segments reflect the structure of the Company's internal organization and the financial information the Chief Operating Decision Maker (""CODM""), the Company's Chief Executive Officer, regularly reviews to assess Company performance and allocate resources. The CODM evaluates the performance of the Company's segments and allocates resources based on earnings before interest and taxes (""EBIT""), which represents Net income before Interest (income) expense, net, and Income tax expense in the Unaudited Condensed Consolidated Statements of Income. The Company's segments are defined as follows: NIKE BRAND The NIKE Brand reportable operating segments are: North America; Europe, Middle East & Africa; Greater China; and Asia Pacific & Latin America, and include results for the NIKE and Jordan brands. Each NIKE Brand segment represents a geographic region operating predominantly in one industry: the design, development, marketing and selling of athletic footwear, apparel and equipment. Global Brand Divisions is included within NIKE Brand for presentation purposes to align with the way management views the Company. Global Brand Divisions primarily represents costs, including product creation and design expenses, that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The Unaudited Condensed Consolidated Financial Statements include the accounts of NIKE, Inc. and its subsidiaries (the ""Company"" or ""NIKE"") and reflect all normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results of operations for the interim period. The year-end Condensed Consolidated Balance Sheet data as of May 31, 2025, was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (""U.S. GAAP""). The interim financial information and notes thereto should be read in conjunction with the Company's latest Annual Report on Form 10-K for the fiscal year ended May 31, 2025 (the ""Annual Report""). The results of operations for the three and nine months ended February 28, 2026, are not necessarily indicative of results for the entire fiscal year. RECENT ACCOUNTING PRONOUNCEMENTS In December 2023, the Financial Accounting Standards Board (the ""FASB"") issued Accounting Standards Update (""ASU"") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company's annual periods beginning June 1 …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing